Government sets-up a committee to simplify provisions of Income Tax Act, 1961

New Delhi, Oct 28 (KNN) The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961.
 
The members of the committee include - Justice R.V. Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT as Chairman; V.K. Bhasin, former Law Secretary as Member; Vinod Jain, Chartered Accountant as Member among others.
 
The Committee will study and identify - the provisions/phrases in the Act which are leading to litigation due to different interpretations; the provisions which are impacting the ease of doing business; the areas and provisions of the Act for simplification in the light of the existing jurisprudence; and will suggest alternatives and modifications to the existing provisions and areas so identified to bring about predictability and certainty in tax laws without substantial impact on the tax base and revenue collection.
 
Further, the Committee shall set its own procedures for regulating its work.  The Committee can also work in Sub-Groups and the draft prepared by the Sub-Groups can then be approved by the whole Committee.
 
The Committee will put its draft recommendations in the public domain. After stakeholder consultations, the Committee will formalise its recommendations. The Committee can give its recommendations in batches. The First Batch containing as many recommendations as possible shall be submitted by January 31, 2016.
 
The Term of the Committee shall be for a period of one year from the date of its constitution. (KNN Bureau)